Money transmitters operating in Kentucky are regulated by the state’s Department of Financial Institutions, Public Protection Cabinet.
While the Department is the regulatory body which oversees money transmitters, the filing of your licensing is accomplished through NMLS, the Nationwide Mortgage Licensing System. Kentucky money transmitters are currently required to furnish the Department with evidence of obtaining a $500,000 surety bond. This bond is available from our agency for a reasonable premium.
Because of its large size, only applicants with good credit will be able to be qualified for the $500,000 Kentucky money transmitter surety bond.
Completion of a surety bond application, which can be begun with an agent over the phone, will ultimately require your signature, along with a witness signature to your by someone other than a spouse or relative. Once submitted to us, your application and credit history will be reviewed by an underwriter.
Because of its large size, as party of the underwriting process, you may or may not be asked to provide additional information (i.e. a financial statement). And, the bond may typically take slightly longer to obtain approval; however, our agency will work to get an answer for you as soon as possible.
If you are approved for this bond, the premium will be $7500, annually.
Once approved and paid for, a copy of the surety bond can be sent to you. The original surety bond, which you will sign, will be sent in the mail. Ideally, it is the original surety bond that you should file with the Department.
The state also requires you to provide proof of payment for the surety bond premium. Our agency will be certain that this is provided to you.
At $7500 premium, the Kentucky money transmitter bond is issued for one year. Thereafter, the bond – and the premium --- must be renewed.
Our agency also offers you the ability to prepay your bond for up to 3 years. Prepayment does two things: One, it allows a greater interval between premium renewals; and the second is that it offers you a savings over renewing your bond annually.
The prepayment options are as follows:
The purpose of the money transmitter bond is a financial guarantee which ensures the Department and the people of the state of Kentucky, that you will be in compliance with all laws, regulations, procedures and any future amendments or adjustments involving the money transmission profession.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit bonds throughout Kentucky.
Our agency also provides surety bonds nationwide.
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